Wednesday, July 24, 2024

Tesla Lawyers Seek Delay in Elon Musk’s Pay Package Litigation

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Tesla’s lawyers are seeking a delay in the ongoing litigation regarding Elon Musk’s $56 billion pay package, citing a recent shareholder vote that re-approved the package and decided to move Tesla’s incorporation from Delaware to Texas.

The lawyers argue that the July 8 hearing should be delayed as the shareholder vote “alters the course of the ongoing litigation.” This litigation stems from a January ruling by a Delaware judge who voided Musk’s 2018 pay package due to conflict of interest issues involving undisclosed conflicts of interest among Tesla board members.

The upcoming July hearing was supposed to address lawyer compensation ahead of a final ruling expected in Fall or Winter 2024, after which Musk can appeal. However, Tesla is seeking to delay this compensation hearing to discuss the implications of the recent shareholder vote.

The Judge will consider the shareholder vote in deciding whether to delay the hearing. A ruling on Tesla’s motion for a delay is expected within the next two weeks.

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